Swiss Cryptocurrency Start-up Integrates Monero in ATMs

FILE PHOTO: A Swiss flag is pictured next to the Jet d’Eau (water fountain), and the Lake Leman from the St-Pierre Cathedrale in Geneva, Switzerland, June 5, 2012. REUTERS/Denis Balibouse

Switzerland-based cryptocurrency start-up, Bity, has announced the integration of anonymous cryptocurrency monero (XMR) in its ATMs all around Switzerland.

Given that Monero is one of the most sought-after cryptocurrencies, owing to its privacy-oriented nature, and is one of the most common cryptocurrencies to be cyberjacked, there are bound to be questions as to why to pick one of the most controversial coins, in recent times.

Addressing those concerns, Bity said in its blogpost, “Our company highly values privacy and individual rights. We believe tools that include privacy by-design features will be key to the development of a human-centric focused digital economy. Monero is one of the tools that support that key effort.”

The blogpost also provided directions as to how to complete a transaction from Swiss franc (CHF) or Euro (EUR) to cryptocurrencies including, bitcoin, ethereum and monero.

The cryptocurrency ATM which are set up in multiple locations across the country offers several benefits that may entice customers. Some of them include: Low transaction fees, Secure connection, software kept up-to-date, Real time pricing updated every 30 seconds, the entire infrastructure is hosted, operated and managed in Switzerland.

In June this year, 16 people were arrested for installing the malicious program in unsuspecting victims’ computers in Japan. At the time, news portal, Toshi Times had reportedly cops as saying, “The arrests took place in 10 different prefectures across the country and the first of these may have occurred as early as March. The suspects are accused of installing a range of software on their victims’ computers without consent. This included the notorious Coinhive program, which is used to mine Monero through the victim’s web browser.”

The had details revealed from the arrest said that the largest amount that has been generated and seized from the illegal mining was around 120,000 JPY aka Japanese Yen (around $1000). This is based on the 70/30 model of Coinhive, which charges 30% for fees and allows miners to keep 70% of the ‘loot’.

So, given Monero’s disrepute it is a little astounding to understand this stat-up’s decision to introduce the coin.